Speaking to CNBC-TV18 soon after the announcement of the deal, Gaur said that the UltraTech's acquisition of its Gujarat plant is only a part of the company's debt reduction plan.
UltraTech Cement is learnt to be in talks to buy stakes Jaypee Group‘s cement business in Ahmedabad, exclusive sources told CNBC-TV18. The deal is valued at around USD 700-890 million which is likely to close by year-end. The proceeds would be used to meet capacity expansion and retire debt, among others.
CNBC-TV18’s Udayan Mukherjee says that the market has shown a spectacular pullback and that the volumes are likely to end with 40% to 50% higher that Monday. He also says that the large-cap leadership is back and sees banks and financials doing well. “. Individual names like L&T, HUL, Jaypee Associates have done quite well,” Udayan adds.